Technical outlook:
EUR/USD has been drifting sideways since 1.0470 lows registered on April 28, 2022. The consolidation is taking shape of a triangle since each wave is sub-divided into three waves. If the above structure holds well, the pair might drop one last time below the 1.0470 mark before resuming higher again.
EUR/USD is trading near its 2017 low around 1.0350 and bears might be inclined to test the same before bulls are back in control. Triangle consolidations normally precede the final thrust wave, which could terminate around the 1.0430-50 mark. So, it may soon start a rally.
Alternatively, if prices break below 1.0350 support, bears will be poised to proceed towards parity against the US dollar. Looking at the bullish divergence on RSI on several timeframes, EUR/USD is expected to produce at least a pullback rally if not a potential trend reversal. Immediate price resistance is seen around the 1.0930 mark.
Trading plan:
Potential rally towards 1.0930 against 1.0330
Good luck!
